Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, how the effectiveness of the growth package for scale-ups will be evaluated.

The growth package announced by the Secretary of State on 20th January builds upon commitments made in the Industrial Strategy. The departments and public bodies which operate the policies and programmes that make up the Industrial Strategy are responsible for conducting monitoring and evaluation of their policies. Further, the Industrial Strategy Advisory Council will oversee and provide advice in support of government to monitor and evaluate the Industrial Strategy as a whole. Government and public bodies will work with the Council to support this.

The £25m BBB investment into Kraken Technologies and £100m in fund investments will be evaluated against the BBB’s core KPIs of Gross Value Added and portfolio financial return. UKEF’s support for UK exporters through high-street banks helps to unlock additional finance for high-growth exporters and contributes to their five-year business plan which sets out their ambition to support over 1,000 SMEs per year by 2029. As the department's Accounting Officer, UKEF's CEO is accountable to Parliament.